will have 100K in debt when done with law school, is it worth it?

Question

i have an accounting degree and just graduated, i'm considering going to law school... please help!

Answer 1

Yes, higher education is always worth it.

Or you can look for a less expensive law school.

After you get out of law school you can realistically pay off that debt in ten years with proper budgeting and the salary you will make.

Answer 2

When you are charging $50/hour it starts to become worth it. The really good lawyers can get 10 times that, and more.

If the loan really worries you then try being a paralegal, the pay is less, but so is the cost of the training. Find out what accountants get paid, and what paralegals get paid. It is possible to become a paralegal and go to night school to get your law degree, in fact I am sure it is quite common. But, it is a harder route.

I know it is a tough road to become a lawyer, but if you make it, and if you can find a good firm then you can become a very well off person. If you make partner then you will get rich. That is a long road though, and you will have a tough time paying off your student loans, but that will be true no matter what you do. Luckily Student Loans have the best interest rate and the interest shouldn't start to mount up until you graduate school.

If you did well in Accounting, in college, then you will probably do well in Law School. The work is tougher, and longer, but then so are the rewards. See if you can go to school part time, work part time, and not have to pay off on your loans. Talk with the bank’s loan officer and tell them your dilemma. The Bank knows that a lawyer will have a much better chance of paying back the loans than an accountant. People default on their loans fairly often. They can’t get a good job, or they did poorly in school or whatever. If you tell the loan officer that you are concerned about the loan, then they see you have taken it seriously and intend to pay it off. That will make them more receptive to you.

How is your business background? Can you get a minor in business, in either your school now or in Law School? If so then your accounting degree will lead you toward business law which can be one of the best paying fields, and it will offer steady work. If you start your own practice then you will be going from case to case and starving in between. Check out the requirements for the District Attorney’s office. The pay isn’t good, but you will get more experience, making you more valuable when working for the other side of the fence. That is if you are interested in Criminal Law. What about a government job? Working for the IRS may not be glamorous, but again it is steady work and almost impossible to get fired, with a great health plan.

The main points are to find what kind of law you want to practice, check out the demand and the pay rate in that field, and then see how your finances are. Talk with the bank and see how much more they are willing to loan you and when the payments have to start. They will want to work with you. They already have their hooks in you for the loan, but the better an education you have, the better chance you will have of paying off those loans. Since you got an undergraduate degree you have proved to the bank that you are a winner. You could go into the work force and start paying off the on loan tomorrow. If they loan you more money so you can be a lawyer then they will bet a better return on their investment.

Answer 3

maximum regulation college pupils pass into debt lots greater - $one hundred fifty,000-200,000+ using cost-of-living loans. what's unhappy is that even low-ranked colleges that grant poor interest potentialities value concerning to the comparable in training as lots, lots greater clever regulation colleges. You and your loved ones are suitable to hardship. the elementary income for present day regulation college graduates is $40,000-60,000/twelve months. that would not sound too poor, yet once you think approximately the enormous debt, the interior maximum loan money are actually insurmountable (as much as $2500/month to pay off the debt in 10 years). there is IBR, income-based reimbursement, that caps your own loan charge at 15% of your income, yet you nonetheless could desire to put in a sturdy 20-25 years of money in the previous the debt is forgiven. this is 2 many years of not with the flexibility to maintain a house own loan probably. regulation college could be rather surely worth the debt, although. there are particular colleges that, even in this financial equipment, place an honest variety of their graduates interior considered one of those extreme-paying and prestigious positions which will enable them to pay back their loans in a well timed way and stay very surely concurrently. those jobs are generic as "biglaw" and it is the reason maximum of regulation college applicants are obsessed approximately breaking into the suited 14. the suited 14 colleges open doorways in tactics that different regulation colleges do exactly not. So, i won't be in a position to respond to your question with out understanding what style of regulation college you will possibly desire to attend. specific colleges are rather worth decal fee using interest potentialities you have after commencement. Others are poor investments. in case you will get right into a attractive college, the cost could be rather worth it. If not, purely pass if a million) the college does nicely in its section, 2) you have a extensive scholarship, ideally an entire experience, and/or 3) you have surprising connections which will assist you get a activity after regulation college.

Answer 4

Lawyers make good money if they're with a major firm - you could make back that hundred grand in a short period of time....particularly if you distinguish yourself and become a partner. Otherwise, if you're on your own - it might be kind of tough until you get established. But really, aren't there enough lawyers in the world already?

Answer 5

if you get a good enough job, you won't have a problem paying it off.